This afternoon, gasoline prices are expected to decrease.

Accordingly, the price of RON95 gasoline is forecast to decrease by about 250 - 300 VND/liter; E5 RON92 gasoline will decrease by about 200 - 250 VND/liter; diesel oil will decrease by up to 700 VND/liter.

The reason is that after the previous adjustment period, the world crude oil price has tended to decrease sharply to the lowest level since May due to investors' concerns about the risk of global oversupply, in the context of US-China trade tensions that are increasing the possibility of economic recession and energy demand. Therefore, domestic gasoline prices may also decrease accordingly.

Meanwhile, the Vietnam Petroleum Institute (VPI)'s gasoline price forecasting model shows that, in the operating period on October 23, retail gasoline prices may decrease by 1.3 - 1.5% while oil prices may decrease sharply by 2.6 - 4.5% compared to the previous operating period, if the Ministry of Finance and the Ministry of Industry and Trade do not set aside or use the price stabilization fund.

Gasoline prices are expected to decrease in the management period this afternoon, October 23. (Photo: Minh Duc).

Specifically, VPI forecasts that the retail price of E5 RON92 gasoline may decrease by VND288 (1.5%) to VND18,932/liter, while RON95 gasoline may decrease by VND261 (1.5%) to VND19,639/liter.

Regarding oil prices, VPI forecasts that in this period, diesel may decrease sharply by 4.5% to 17,591 VND/liter, fuel oil may decrease by 3.9% to 14,148 VND/kg, and kerosene may decrease by 2.6% to 17,922 VND/kg.

Previously, at the afternoon adjustment session on October 16, the price of E5 RON92 gasoline increased by 88 VND/liter, not higher than 19,226 VND/liter. The price of RON95 gasoline increased by 174 VND/liter, not higher than 19,903 VND/liter.

Diesel price decreased by 181 VND/liter, not higher than 18,423 VND/liter. Kerosene price decreased by 28 VND/liter, not higher than 18,406 VND/liter and fuel oil price decreased by 437 VND/kg, down to 14,371 VND/kg.

Since the beginning of the year, RON95 gasoline has increased 24 times and decreased 19 times. Diesel has increased 21 times, decreased 20 times and remained unchanged once.

World oil prices continue to rise

At 6:00 a.m. on October 23, WTI oil price was at 59.81 USD/barrel, up 1.31 USD/barrel, US Brent oil price was at 62.59 USD/barrel, up 1.27 USD/barrel.

World oil prices continued to rise today thanks to expectations of progress in US-China trade negotiations and an important agreement between the US and India nearing completion.

US President Donald Trump said he had a phone call with Indian Prime Minister Narendra Modi on October 21, in which Mr. Modi affirmed that India will limit oil purchases from Russia. Newspaper Mint India and China are close to a long-stalled trade deal, with the US likely to lower import tariffs on Indian goods from 50% to 15-16%.

The market is also closely watching the progress of US-China trade negotiations as officials from both countries are expected to meet this week in Malaysia. President Trump had previously expressed hope of reaching a “fair” deal with Chinese President Xi Jinping at a planned meeting in South Korea next week, but he later left open the possibility that the meeting might not take place, adding to the market’s caution.

In addition, supply concerns also increased after the summit between President Trump and Russian President Vladimir Putin was postponed, as Western countries continued to pressure Asian customers to reduce oil purchases from Russia.

Expectations of a decline in US oil inventories also helped lift prices. According to data from the American Petroleum Institute (API), US crude oil, gasoline and distillate inventories all fell last week. The US Department of Energy said it plans to buy an additional 1 million barrels of oil to replenish the Strategic Petroleum Reserve (SPR), taking advantage of relatively low oil prices to increase national reserves.

Analysts say the current oil price movement reflects market expectations that new trade agreements could boost global economic growth, but also shows caution in the face of complex geopolitical risks and intertwined energy policies.

Source: https://baolangson.vn/chieu-nay-gia-xang-dau-du-bao-giam-5062673.html